Silver (XAG/USD) maintained a steady position above $33.00, reaching approximately $33.40 during American trading hours on Monday. It followed a 4% gain from the previous week, driven by a bullish breakout and safe-haven demand.

Earlier, spot prices slightly declined as global trade tensions eased, impacting the US Dollar (USD). Despite this, silver remained above the $33.00 mark, with markets adopting a ‘wait and see’ approach after the recent movements, as near-term momentum cooled slightly.

The recent breakout from a symmetrical triangle pattern was confirmed last week. The price has since stayed sideways following this breakout, maintaining above the $32.60–$32.80 zone aligned with the 21-day EMA.

Currently, prices linger just below Friday’s high of $33.54, with resistance at $33.70–$34.00. A move above could lead to retesting March’s high near $34.50, and possibly reaching $35.00. Support is identified around $32.60–$32.80, with further downside risks at $32.00 and $31.00. Momentum indicators like RSI and MACD maintain a moderately bullish picture, with RSI at 56.24 indicating room for further gains.

So far, the movement in silver has been fairly well-behaved—trading above $33.00 and gaining roughly 4% last week. This largely came from buyers reacting to a classic technical breakout and the ongoing appetite for so-called ‘safer’ stores of value, particularly when currencies wobble. On Monday, silver nudged up towards $33.40 during the US session, although we did notice a slight pullback earlier in the day as global trade frictions appeared to soften, briefly boosting sentiment around the dollar. That softness in the greenback was short-lived, but it did remove some immediate urgency from the rally.

Technically, the surge out of the symmetrical triangle formation was validated last week, which is often used by chart watchers as an early cue for trend extension. Since then, we’ve seen a fairly horizontal path. For now, price is hugging the $33.00 level quite comfortably and sitting above the much-watched 21-day EMA, which is now climbing between $32.60 and $32.80. This average has become something of a local floor.

From a resistance angle, prices are pressing into Friday’s high of $33.54. An initial barrier lies ahead between $33.70 and $34.00. This upper zone could limit upside near-term unless there’s fresh buying interest. Should that level give way, it opens up a path towards the March top around $34.50, and from there, $35.00 becomes a realistic target if the upside pressure persists. On the downside, if momentum stutters, supports are well-defined at $32.60–$32.80, and sharper sell-offs may bring $32.00 and even $31.00 into play.

Shorter-term momentum tools, particularly the RSI and the MACD, aren’t flashing any alarms. The RSI is sitting at 56.24, not far above its midpoint, which points to some enthusiasm remaining—but it’s not overheated. There’s still room for the price to run further before hitting exhaustion. MACD, too, continues to lean in favour of advances without showing divergence.

In the context of price action and risk appetite, the technical backdrop suggests there’s enough stability for continuation, though without urgency. We should remain mindful of areas where sharp moves may trigger responses—either profit taking or renewed momentum plays. Watching how prices behave around that $33.70–$34.00 band will be particularly informative, especially if it’s tested multiple times. If traders lean too far forward without clear volume growth, we may get trapped in a tighter range before momentum resets.

In such conditions, we should pay close attention to how support resilience holds up, and whether buyers continue to respect the moving average cluster beneath. Any slips underneath could become fast, especially if leveraged positions unwind. It’s in that zone—closer to $32.00—where conviction gets tested, and where short-dated directional bets become more reactive to broader market tone.